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Recently, the yields of wealth management products of many banks have risen, and a "wealth management income war" has started among banks.

according to the reporter of surging news, it is not uncommon for the bank's wealth management yield to exceed 5%. The expected annualized rate of return of wealth management products newly launched by joint-stock banks on June 1st has reached 6.5%.

In a branch of China Construction Bank in Shanghai, a financial manager told customers who came to consult financial affairs that financial products have been selling well recently, and it is best to purchase them through mobile clients such as mobile banking. "Usually, they will be killed, and they must be robbed." However, the highest annualized rate of return of these commodities that need to be robbed does not exceed 4.65%.

from the visit, surging journalists found that the yield of wealth management products of ICBC is not much different from that of China Construction Bank, usually around 4.5%. Compared with these big state-owned banks, some joint-stock banks and city commercial banks have higher yields of wealth management products, and they have risen faster together.

The rate of return continues to rise, and the rate of return on short-term wealth management is even faster

A wealth management manager of China Everbright Bank informed the surging journalist that the rate of return on wealth management products has really continued to rise in the past two months, but when introducing products to customers, he does not advocate investing all wealth management funds in products with a longer time limit.

At a Shanghai Pudong Development Bank outlet, the main products it is now promoting are the bank's own wealth management products. The initial subscription amount of these commodities is 5, yuan, and the annualized rate of return ranges from 3.5% to 4.95%. However, the annualized rate of return of 4.95% is a new exclusive product.

From the bulletin board posted at the entrance of this Shanghai Pudong Development Bank, it can be seen that the column of "Estimated annualized rate of return" of wealth management products is constantly covered by new stickers, and the number is getting bigger and bigger.

According to a financial manager of the bank, there is a product on sale with a high yield. "After 5 days, the expected yield will be raised to 4.85% for the four-month (123-day) period and 4.8% for the one-year (389-day) period." Now, the expected rate of return of this product for four months (123 days) and one year (389 days) is 4.75%. In other words, this product will appear "upside down" after 5 days, and the investment period is shorter, but the yield is higher.

in addition, from the various wealth management products sold by Nanjing bank on June 2, the expected yields of various non-guaranteed products with 91 days and 35 days all reached 5%, and the highest yield reached 5.2%. The yield of some commodities with long investment period is not as good as that of some short-term commodities.

Lian Ping, chief economist of Bank of Communications, said in an interview with surging news that this "upside down" phenomenon is not uncommon, but it can't be said to be a normal phenomenon, which is mainly caused by factors such as tight liquidity in the short term and constant liquidity in the medium term. "The growth rate of deposits has slowed down this year, and now it is approaching the end of half a year. The influence of checking factors under the background of deleveraging has increased, so the short-term yield may rise."

"fancy" wealth management affairs are frequent, and high-yield products are limited in time.

In order to attract more customers, banks have also launched many "fancy" wealth management products while increasing the yield of wealth management products.

all major banks have wealth management products exclusively for new customers, which are 2 to 45 BP higher than those of the same type. However, there will be corresponding purchase restrictions for new customers' exclusive goods. Take two "Le Ying Steady" series of "new customer-specific" products of CITIC Bank as an example. The term is 92 days, and the expected annualized income is 4.9% and 5.%, which is different from the subscription starting amount of 5, yuan and 5, yuan.

According to the financial management manager of Shanghai Pudong Development Bank, a new wealth management product on sale, "the yield will be adjusted immediately and will exceed 5%". However, although the starting amount of this commodity subscription is low, only 5, yuan, it has a per capita purchase ceiling of 3, yuan.

exclusive products are not just new customers. They can be packaged into customized wealth management products by banks, ranging from all kinds of holidays to specific time periods of a certain day.

During Children's Day, China Everbright Bank and Minsheng Bank also launched many high-yield wealth management products. Everbright Bank's wealth management products for Children's Day are expected to have an annualized rate of return of 4.75%, while Minsheng Bank has put up the slogan of "Welcome June 1st and enjoy the future".

On the evening of June 2nd, some people from Huaxia Bank exposed a "mobile phone night market exclusive" product in a circle of friends. The release date of this product is June 6 and June 7, and the starting subscription amount is 5, yuan, with a purchase restriction of 3 million yuan. This product is divided into 9 days and 182 days, and the highest annualized rate of return is expected to be 5.% and 5.1%. However, customers can only make purchases from 2: to 22: every night.

according to the revealed data, the average income of wealth management products related to it during "Labor Day" and "Mother's Day" was 4.64% and 4.58%, both of which were significantly ahead of the average income of products in the whole shopping mall at that time.

Short-term liquidity crunch in the banking system is a certain sight

June has arrived, and the MPA (Micro-prudential Evaluation) exam of the central bank in the second quarter is approaching. The superimposed effects of strong supervision and financial deleveraging have caused all shopping malls to have a shortage of funds. The soaring income of bank wealth management products further shows the bank's desire for funds.

Since 217, the overnight Shibor (Shanghai Interbank Offered Rate) quotation has increased from about 2% to 2.79%, the seven-day Shibor quotation has increased from about 2.4% to about 2.88%, and the one-year Shibor quotation has increased from about 3.4% to about 4.38%. The upward trend of Shibor across the board highlights the further tightening of liquidity in the banking system at that time.

it is generally believed in shopping malls that the trend of wealth management income of banks will not be greatly adjusted due to the approaching mid-year audit of MPA in June.

since March p>217, CBRC has successively issued eight documents, requesting to launch special management operations of "three violations", "three arbitrage" and "four inappropriateness". The CBRC's analysis meeting on the economic and financial situation in the first quarter once again emphasized that the banking industry should guard against risks in key areas such as credit risk, liquidity risk and standards interspersed with financial affairs, and requested to increase the management of financial chaos, make a comprehensive investigation, list and rectify one by one.

Ceng Gang, director of the Banking Research Office of the Institute of Finance, Chinese Academy of Social Sciences, pointed out to Surge News that tightening liquidity is a necessary condition for deleveraging, and the center of deleveraging is to remove the remaining liquidity, so it is inevitable that all financial systems including the banking system will tighten liquidity and interest rates will rise temporarily in this process.

judging from the long-term liquidity, Ceng Gang thinks that this is not worth worrying about. "As the liquidity tightens and interest rates rise, the liquidity will definitely drop after the stock of some leverage added by banks in the past expires." Ceng Gang indicated that a moderate downward trend of medium-term interest rates may be a relatively normal outcome, but it is normal for interest rates to rise and liquidity to tighten during the current window.

Ceng Gang predicted that after the end of the second quarter, all shopping malls should start to improve gradually.